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There used to be a maximum amount for a phone that can be added to your monthly bill. When I worked for VZW I believe it was $250. It is probably lower than that now. You can call a corporate VZW store and find out for sure.
Billed mine to my account. It ended up costing around $380.00 after screen protectors and cases were bought. But I used our "dead lines" upgrade. I was saving it for a phone like this.